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| Africa Subsaharan |
| Mugabe may close 9,000 foreign firms |
| 2010-07-27 |
| Autoedited by Rantburg [The Nation (Nairobi)] Zimbabwe has threatened to close 9,000 foreign owned firms after they ignored a deadline to submit plans on how they intend to release some of their shareholding to locals. President Robert (Bob) Mugabe, aka Muggsy's government wants the foreign owned companies with a value of over $500,000 to transfer 51 per cent of their shareholding to locals. The tough regulations which were initially introduced in March were reviewed last month after causing a split in the unity government. But despite the changes to the legislation that allow for exemptions to be made on companies who do considerable community service, the government has done little to re-assure sceptical investors. The Zimbabwe Stock Exchange (ZSE), which was consistently among the top performing bourses in Africa at the height of the country's economic problems has lost about US$1 billion in revenue since March. State media reports indicated that only 480 out of a provisional list of 9,577 companies had submitted proposals on how they intend to empower locals. Youth Development, Indigenisation and Economic Empowerment Minister Savious Kasukuwere said the companies that continued to defy the law would be closed down. "If the companies do not comply, we will take legal action," he told The Sunday Mail newspaper. "Currently we are in the process of sending forms to companies to comply within 30 days. "If they don't comply within 30 days, we will cancel their licenses, if they are in trading. "They will also appear before the courts." He said the majority of the companies in the mining industry had not complied with the regulations. |
| Posted by:Fred |
| #7 Are white farmers considered foreigners? Hard to believe there are that many left. |
| Posted by: Nimble Spemble 2010-07-27 20:03 |
| #6 Remember that his government paid a small fortune to a professional witch for an "oil stick", that when you hit a rock with it, refined diesel oil would flow out. (And the witch was so dim that after she sold it to them, she didn't get out of town in a hurry.) In other words, we're dealing with real "rocket surgeons" here. |
| Posted by: Anonymoose 2010-07-27 16:15 |
| #5 “If the companies do not comply, we will take legal action |
| Posted by: Besoeker 2010-07-27 13:08 |
| #4 All right! I gonna be a ontrapanerr! |
| Posted by: Farmin B. Hard, Ontrapanerr 2010-07-27 10:09 |
| #3 I find it hard to believe there are that many "foreign owned firms" left in ZimBob. With respect to any Chinese ones, those are PLA owned, so they don't count I guess. |
| Posted by: Spot 2010-07-27 08:21 |
| #2 Be interesting to see if he goes near any Chinese firm, or should be triad to do a Je$$ie on them. |
| Posted by: tipper 2010-07-27 00:34 |
| #1 WHAT? they won't go along with your theft so you're going to cut your own throat. Go ahead, your country is a cesspool alredy so just try to add more shit and watch it improve? You're crazy, I see all those rumors you're infected with aids are true, insanity is a main symptom. |
| Posted by: Redneck Jim 2010-07-27 00:11 |